Ajanta Pharma today reported a 20.71 per cent decline in consolidated net profit to Rs 94.79 crore for the first quarter ended June 30, mainly due to de- stocking in trade channels ahead of GST implementation.

The company had posted a net profit of Rs 119.55 crore for the corresponding period of the previous fiscal, Ajanta Pharma said in a BSE filing.

The company's revenue from operations stood at Rs 473.12 crore for the quarter under consideration as against Rs 475.90 crore for the same period a year ago.

"India sales were adversely impacted due to de-stocking by the distribution channel on account of GST, which impacted overall financials of the company," Ajanta Pharma MD Yogesh Agrawal said.

The company's export markets continue to perform at steady rate on the back of new product launches and increase in the market share, he added.

Total India sales (including institution) for Q1 of FY 2018 were at Rs 143 crore, a de-growth of 12 per cent, Ajanta Pharma said.

During the first quarter of FY 2018 export sales were at Rs 321 crore, posting growth of 8 per cent, it added.

During the quarter, the company's manufacturing plant at Dahej SEZ, Gujarat was commissioned and has commenced production, Ajanta Pharma said.

Shares of Ajanta Pharma were trading at Rs 1,218.20 per scrip in the afternoon trade on BSE, down 6.05 per cent from its previous close.

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